LOS ANGELES—Second Sight Medical Products (NASDAQ: EYES), a leading developer of implantable visual prosthetics, announced Tuesday that it intends to sell 10,000,000 shares of its common stock in an underwritten public offering aimed at generating $50,000,000. The stock is priced at $5.00 per share. In addition, Second Sight has granted the underwriters a 45-day option to purchase up to an additional 1,500,000 shares of common stock, solely to cover over-allotments. All of the shares of common stock are being offered by the company.

The offering is expected to close on June 25, 2021, subject to satisfaction of customary closing conditions. ThinkEquity, a division of Fordham Financial Management, Inc., is acting as sole book-running manager for the offering.
Second Sight said it intends to use the net proceeds from the offering primarily for development of the Orion device and general corporate purposes. The Orion Visual Cortical Prosthesis System is an implanted cortical stimulation device intended to provide useful artificial vision to individuals who are blind due to a wide range of causes, including glaucoma, diabetic retinopathy, optic nerve injury or disease, and eye injury.